Transtar Announces Agreement for Axalta to Acquire The CoverFlexx Group

Transtar Announces Agreement for Axalta to Acquire The CoverFlexx Group

Axalta Coating Systems has signed a definitive agreement to acquire Transtar Holding Company’s subsidiary The CoverFlexx Group.

Transtar Holding Company announced that global coatings company Axalta Coating Systems has signed a definitive agreement to acquire its subsidiary The CoverFlexx Group. The transaction is anticipated to close in the third quarter, pending regulatory approval and customary closing conditions, Transtar Holding Company said.

The strategic move allows Transtar Holding Company to focus exclusively on the growth of NexaMotion Group, a portfolio of technology-driven automotive aftermarket businesses that offer a complete suite of mechanical auto repair products and industry-leading e-commerce solutions, the company said. 

The CoverFlexx Group specializes in manufacturing and distributing coatings for automotive refinish and aftermarket applications. Renowned brands under The CoverFlexx Group umbrella include Transtar Autobody Technologies, Pro Form and Aftermkt Armor products, Transtar Holding Company said. The CoverFlexx Group operates with a workforce of over 120 employees across manufacturing and product development facilities located in Brighton, Michigan, and Milton, Ontario.

“Axalta is a premier global manufacturer of refinish and industrial coatings,” said Ben DePompei, president of The CoverFlexx Group. “Coupling our brands and opportunities to expand is exciting, and we look forward to joining their team and experiencing continued growth.”

Added Transtar Holding Company President and CEO Neil Sethi, “The CoverFlexx Group’s strategic innovation has driven remarkable success, and we believe Axalta is positioned to further accelerate its growth trajectory.”

Baird served as the exclusive financial advisor to CoverFlexx on this transaction.

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